Dhaka,  Friday
01 November 2024

Beyond Profit

The moral imperatives of Islamic finance in contemporary business

Md. Touhidul Alam Khan

Published: 05:22, 2 February 2024

The moral imperatives of Islamic finance in contemporary business

Photo : Messenger

In the contemporary economic landscape, the act of deliberately manipulating weights and measurements has emerged as a significant contributor to the prevailing economic crisis. Islamic scholars shed light on the spiritual and societal repercussions of this unethical business practice, drawing from the teachings of the Quran and Hadith.

According to Islamic teachings, precise measurement is not just a matter of economic integrity but a divine command. The Quran emphasises the importance of maintaining justice in weights and measures, stating that one should not transgress on the scale and must establish weight with fairness. The Hadith further reinforces the severity of inaccuracies in weighing, describing the harsh consequences awaiting those who engage in such deceit on the Day of Judgment.

Despite the establishment of national departments to oversee weighing and measuring standards, deceptive practices persist and have evolved over time. Here are some prevalent examples:

•    Verbal contracts based on metres are deceitfully measured in yards, taking advantage of the discrepancy between the two units.
•    Vendors employ tools shorter than the standard measurements to further manipulate lengths.
•    Deceptive practices extend to weighing construction materials like bricks and tiles.
•    Sellers may use unconventional counterweights or manipulate scales to deceive customers.
•    Tampering with measuring scales for various products like milk, cooking oil, and petrol is a common malpractice.
Beyond inaccurate measurements, another unethical method involves contaminating and diluting products. This not only defrauds customers but also compromises the quality and safety of the items sold. Examples include:
•    Adding low-quality oil to ghee.
•    Weighing grains alongside stones to deceive customers about the actual quantity.
•    Mixing undesirable substances with food items like papaya seeds with black pepper.
•    Diluting milk with water, arrowroot, or harmful chemicals.
•    Selling water at the price of meat and vegetables by mixing them during weighing.

This manipulation of products extends to large-scale transactions, impacting individual customers when these products reach smaller businesses. The unethical practice of diluting and mixing products is not only a violation of trust but also poses serious health risks in certain cases, such as contaminating lifesaving drugs.

While some may consider themselves clever for engaging in these deceptive practices, Islamic scholars emphasise that they are, in fact, suppressing the rights of many individuals. The teachings underscore the importance of adhering to Islamic principles in business dealings and warn that those who engage in such injustices will be held accountable in the hereafter.

In conclusion, as we navigate the intricate landscape of business, it becomes evident that the principles of Islamic finance are not merely guidelines but a moral compass. The teachings of the Quran and Hadith underscore the importance of honesty, justice, and integrity in economic transactions. Islamic finance, with its emphasis on ethical practices and fair dealings, provides a framework that not only safeguards individual rights but also contributes to the broader well-being of society.

As custodians of our economic actions, it is imperative for individuals to recognise the profound impact their choices can have on collective welfare. Upholding the principles of Islamic finance is not only a religious duty but also a pathway to economic stability, social harmony, and individual salvation. In the pursuit of wealth and success, let us not forget the spiritual dimensions of our actions and the accountability that awaits us beyond this temporal existence.

May our endeavours in the economic sphere be guided by the principles of justice and equity, and may our pursuit of prosperity be intertwined with the well-being of others. In embracing the principles of Islamic finance, we not only fortify our economic foundations but also contribute to a society where righteousness prevails and the blessings of serenity are bestowed upon all.

The author is the Managing Director & CEO of National Bank Limited. He is a fellow member of the Institute of Cost & Management Accountants of Bangladesh (ICMAB) and the first Certified Sustainability Reporting Assurer (CSRA) in Bangladesh. He is also a post-graduate diploma from the Institute of Islamic Banking & Insurance (IIBI), United Kingdom.

Messenger/Fameema